Twitter Is Cutting Nearly A Tenth Of Its Staff After A Slower Quarter

Its userbase has grown, but its share price has fallen.

27/10/2016 16:25

Twitter is to cut 9% of its workforce - 350 jobs - after a turbulent few months.

In the last quarter, revenue growth slowed by 8% to $616m (£505m). Despite exceeding forecasts, that was lower than the previous quarter’s 20% rise.

It left the ailing tech giant with a loss of $102.8m, down from a $131.7m loss in the same period last year. 

The share price fell 7% earlier this month after Salesforce, Twitter’s most likely suitor, revealed it had walked away from talks about buying the network.

Lucas Jackson / Reuters

CEO and founder Jack Dorsey said in a statement: “We see a significant opportunity to increase growth as we continue to improve the core service. 

“We have a clear plan, and we’re making the necessary changes to ensure Twitter is positioned for long-term growth.

“The key drivers of future revenue growth are trending positive, and we remain confident in Twitter’s future.”

In better news, the site grew its number of average monthly active users by 3% to 317m.

But it’s lags behind rivals like Facebook, whose audience is five times larger.

Adweek reported that the majority of the job cuts would come from its sales, partnerships and marketing divisions. 

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